MIRA INFORM REPORT
|
Report Date : |
17.12.2014 |
IDENTIFICATION DETAILS
|
Name : |
MADHU INDUSTRIES PRIVATE LIMITED (w.e.f. 06.05.2009) |
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|
|
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Formerly known
as : |
MADHU INDUSTRIES LIMITED (w.e.f. 14.07.1997) SEN AND METTEN-HEIMER LIMITED SEN AND METTEN-HEIMER PRIVATE LIMITED |
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Registered
Office : |
39, G I D C Phase-1, Vatva, Ahmedabad – 382445, |
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Country : |
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Financials (as
on) : |
31.03.2014 |
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Date of
Incorporation : |
07.08.1963 |
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Com. Reg. No.: |
04-001225 |
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Capital
Investment / Paid-up Capital : |
Rs.22.800 Millions |
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CIN No.: [Company Identification
No.] |
U29259GJ1963PTC001225 |
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IEC No.: |
Not Available |
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TAN No.: [Tax Deduction &
Collection Account No.] |
AHMM01358A |
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PAN No.: [Permanent Account No.] |
AAFCM2587A |
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Legal Form : |
Private Limited Liability Company |
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Line of Business
: |
Manufacturing of Made-ups for overseas market. |
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No. of Employees
: |
Information declined by management |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (47) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Status : |
Satisfactory |
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Payment Behaviour : |
Usually correct |
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Litigation : |
Clear |
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Comments : |
Subject is an established company having satisfactory track record. Company performance has improved as compared to previous year. Overall
financial position of the company is decent. Trade relations are reported to be fair. Business is active. Payments are
reported to be usually correct. The company can be considered for business dealing at usual trade and
conditions. |
NOTES :
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
EXTERNAL AGENCY RATING
|
Rating Agency Name |
CARE |
|
Rating |
Long Term Bank Facilities BB+ |
|
Rating Explanation |
Inadequate credit quality and high credit risk |
|
Date |
July 23, 2014 |
|
Rating Agency Name |
CARE |
|
Rating |
Short Term Bank Facilities A4 |
|
Rating Explanation |
Minimal degree of safety and very high credit risk. |
|
Date |
July 23, 2014 |
RBI DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter in
the publicly available RBI Defaulters’ list.
EPF (Employee Provident Fund) DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter
in the publicly available EPF (Employee Provident Fund) Defaulters’ list as of
31-03-2014.
INFORMATION DECLINED
Management non co-operative (91-79-25831265)
LOCATIONS
|
Registered Office : |
39,G I D C Phase-1, Vatva, Ahmedabad – 382445, |
|
Tel. No.: |
91-79-25831265 |
|
Fax No.: |
91-79-25831113 |
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E-Mail : |
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|
Website : |
DIRECTORS
As on 30.09.2014
|
Name : |
Mr. Mohanlal Chaturbhuj Agarwal |
|
Designation : |
Director |
|
Address : |
2/B, Saurashtra Society, Anandnagar, |
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Date OF Birth/Age : |
16.06.1937 |
|
Date of Appointment : |
29.09.1993 |
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DIN No.: |
00684398 |
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Name : |
Mr. Sushil Mohanlal Agarwal |
|
Designation : |
Managing Director |
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Address : |
22, Saurashtra Society, Anandnagar, |
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Date of Birth/Age : |
01.01.1960 |
|
Date of Appointment : |
01.04.2011 |
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DIN No.: |
00684384 |
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Name : |
Mrs. Madhu Sushil Agarwal |
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Designation : |
Managing Director |
|
Address : |
22, Saurashtra Society, Anandnagar, Sarkhej Road, Paldi, Ahmedabad – 380007, Gujarat, India |
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Date of Birth/Age : |
21.04.1960 |
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Date of Appointment : |
01.04.2011 |
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DIN No.: |
00684391 |
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Name : |
Mr. Tushar Dolatram Brahmbhatt |
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Designation : |
Whole-Time Director |
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Address : |
401, Shetukrupa Apartment, Behind Swaminarayan Temple, Sahibaug,
Ahmedabad - 380004,
Gujarat, India |
|
Date of Birth/Age : |
08.05.1958 |
|
Date of Appointment : |
01.04.2011 |
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DIN No.: |
00782830 |
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|
|
|
Name : |
Mr. Rajnikant Chimanlal Parikh |
|
Designation : |
Director |
|
Address : |
56/2, Jayant Park, Maninagar, Ahmedabad - 380008, Gujarat, India |
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Date of Birth/Age : |
16.12.1938 |
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Date of Appointment : |
10.07.2006 |
|
DIN No.: |
00062477 |
KEY EXECUTIVES
|
Name : |
Mr. Bipin L. Makwana |
|
Designation : |
Company Secretary |
|
Address : |
94, Jaldhara 1, opposite Bopal Gram Panchayat, Bopal, Ahmedabad –
380058, Gujarat, India |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 30.09.2014
|
Names of Shareholders |
|
No. of Shares |
|
Mohanlal Chaturbhuj Agarwal |
|
7870 |
|
Sushil Mohanlal Agarwal |
|
39202 |
|
Madhulata Sushilkumar Agarwal |
|
58266 |
|
Taralata Mohanlal Agarwal |
|
28076 |
|
Ramkumar G Agarwal |
|
30 |
|
Tushar Dolatram Brahmbhatt |
|
30 |
|
Omprakash B. Agarwal |
|
30 |
|
Mohanlal Chaturbhuj Agarwal (HUF) |
|
18292 |
|
Ayushi Sushil Agarwal |
|
22464 |
|
Khushboo Agarwal (Guardian Sushil Agarwal) |
|
2240 |
|
Sarita Premnath Gupta |
|
6000 |
|
Premnath Munsinath Gupta |
|
7000 |
|
Seema Manoj Agarwal |
|
6000 |
|
Manoj Dhansiram Agarwal |
|
7000 |
|
Testa Marketing Private Limited, India
|
|
7000 |
|
Aayush Texfab Private Limited, India |
|
12000 |
|
Girajshankar Surendra Bansal |
|
2000 |
|
Prabhadevi Surendra Bansal |
|
1000 |
|
Surendrakumar N. Bansal |
|
3000 |
|
Narendrakumar Surendrakumar Bansal |
|
500 |
|
Total |
|
228000 |
As on 30.09.2014
Equity Share Break up (Percentage of Total Equity)
|
Category |
Percentage |
|
Bodies corporate |
8.33 |
|
Directors or relatives of Directors |
83.100 |
|
Other |
8.57 |
|
Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturing of Made-ups for overseas market. |
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Products : |
Not Available |
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Brand Names : |
Not Available |
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Agencies Held : |
Not Available |
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Exports : |
Not Divulged |
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Imports : |
Not Divulged |
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Terms : |
Not Divulged |
GENERAL INFORMATION
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Suppliers : |
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Customers : |
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No. of Employees : |
Information declined by management |
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Bankers : |
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Facilities : |
(Rs.
In Millions)
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Auditors : |
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Name : |
Nanubhai J. Desai and Company Chartered Accountants |
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Address : |
223-225, Ellisbridge Shopping Centre, Ellisbridge, Ahmedabad – 380006,
Gujarat, India |
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PAN No.: |
AABFN3468Q |
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Memberships : |
-- |
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Collaborators : |
-- |
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Associates : |
· CCTM Textile Mills · Madhu Impex |
CAPITAL STRUCTURE
As on 30.09.2014
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
300000 |
Equity Shares |
Rs.100/- each |
Rs. 30.000 Millions |
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Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
228000 |
Equity Shares |
Rs.100/-
each |
Rs. 22.800
Millions |
|
|
|
|
|
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
I.
EQUITY
AND LIABILITIES |
|
|
|
|
(1)Shareholders' Funds |
|
|
|
|
(a) Share Capital |
22.800 |
22.800 |
22.800 |
|
(b) Reserves & Surplus |
99.572 |
91.768 |
89.728 |
|
(c) Money
received against share warrants |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
(2) Share Application money pending
allotment |
0.000 |
0.000 |
0.000 |
|
Total
Shareholders’ Funds (1) + (2) |
122.372 |
114.568 |
112.528 |
|
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(3)
Non-Current Liabilities |
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|
|
(a) long-term borrowings |
263.853 |
266.377 |
158.706 |
|
(b) Deferred tax liabilities (Net) |
3.971 |
3.648 |
3.160 |
|
(c) Other long term
liabilities |
1.602 |
0.000 |
0.000 |
|
(d) long-term
provisions |
0.000 |
1.499 |
1.388 |
|
Total Non-current
Liabilities (3) |
269.426 |
271.524 |
163.254 |
|
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(4)
Current Liabilities |
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|
|
|
(a) Short
term borrowings |
0.000 |
0.000 |
0.000 |
|
(b) Trade
payables |
76.558 |
142.219 |
27.797 |
|
(c) Other
current liabilities |
5.810 |
7.713 |
7.276 |
|
(d) Short-term
provisions |
5.010 |
3.424 |
4.035 |
|
Total Current
Liabilities (4) |
87.378 |
153.356 |
39.108 |
|
|
|
|
|
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TOTAL |
479.176 |
539.448 |
314.890 |
|
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II.
ASSETS |
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(1)
Non-current assets |
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(a) Fixed
Assets |
|
|
|
|
(i)
Tangible assets |
94.076 |
98.532 |
103.188 |
|
(ii)
Intangible Assets |
0.038 |
0.000 |
0.000 |
|
(iii)
Capital work-in-progress |
0.000 |
0.000 |
0.000 |
|
(iv)
Intangible assets under development |
0.000 |
0.000 |
0.000 |
|
(b) Non-current Investments |
0.100 |
0.100 |
0.100 |
|
(c) Deferred tax assets (net) |
0.000 |
0.000 |
0.000 |
|
(d) Long-term Loan and Advances |
8.665 |
7.479 |
7.656 |
|
(e) Other
Non-current assets |
14.233 |
14.161 |
14.143 |
|
Total Non-Current
Assets |
117.112 |
120.272 |
125.087 |
|
|
|
|
|
|
(2)
Current assets |
|
|
|
|
(a)
Current investments |
0.000 |
0.000 |
0.000 |
|
(b)
Inventories |
183.747 |
259.941 |
115.153 |
|
(c) Trade
receivables |
127.070 |
123.648 |
51.173 |
|
(d) Cash
and cash equivalents |
6.132 |
5.146 |
5.032 |
|
(e)
Short-term loans and advances |
45.115 |
30.441 |
18.445 |
|
(f) Other
current assets |
0.000 |
0.000 |
0.000 |
|
Total
Current Assets |
362.064 |
419.176 |
189.803 |
|
|
|
|
|
|
TOTAL |
479.176 |
539.448 |
314.890 |
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
684.197 |
369.004 |
347.123 |
|
|
|
Other Income |
NA |
NA |
NA |
|
|
|
TOTAL |
NA |
NA |
NA |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
TOTAL |
NA |
NA |
NA |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION |
37.405 |
22.973 |
29.194 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES |
20.945 |
13.391 |
19.309 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION |
16.460 |
9.582 |
9.885 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION |
6.418 |
6.459 |
7.227 |
|
|
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|
|
|
|
|
|
PROFIT BEFORE
TAX |
10.042 |
3.123 |
2.658 |
|
|
|
|
|
|
|
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|
Less |
TAX |
2.238 |
1.083 |
1.019 |
|
|
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|
|
|
|
|
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|
PROFIT AFTER TAX
|
7.804 |
2.040 |
1.639 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
580.530 |
310.498 |
269.763 |
|
|
|
|
|
|
|
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|
IMPORTS |
|
|
|
|
|
|
|
Components-Packing materials |
0.118 |
0.029 |
0.098 |
|
|
TOTAL IMPORTS |
0.118 |
0.029 |
0.098 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
34.23 |
8.95 |
7.19 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
Net Profit Margin (PAT/Sales) |
(%) |
1.14 |
0.55 |
0.47 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
2.10 |
0.58 |
0.84 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.08 |
0.03 |
0.02 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt /Networth) |
|
2.16 |
2.33 |
1.41 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
4.14 |
2.73 |
4.85 |
FINANCIAL ANALYSIS
[all figures are
in Rupees Millions]
DEBT EQUITY RATIO
|
Particular |
31.03.2012 |
31.03.2013 |
31.03.2014 |
|
|
(Rs.
In Millions) |
(Rs.
In Millions) |
(Rs.
In Millions) |
|
Share Capital |
22.800 |
22.800 |
22.800 |
|
Reserves & Surplus |
89.728 |
91.768 |
99.572 |
|
Net
worth |
112.528 |
114.568 |
122.372 |
|
|
|
|
|
|
long-term borrowings |
158.706 |
266.377 |
263.853 |
|
Short term borrowings |
0.000 |
0.000 |
0.000 |
|
Total
borrowings |
158.706 |
266.377 |
263.853 |
|
Debt/Equity
ratio |
1.410 |
2.325 |
2.156 |
YEAR-ON-YEAR GROWTH
|
Year
on Year Growth |
31.03.2012 |
31.03.2013 |
31.03.2014 |
|
|
(Rs.
In Millions) |
(Rs.
In Millions) |
(Rs.
In Millions) |
|
Sales |
347.123 |
369.004 |
684.197 |
|
|
|
6.304 |
85.417 |
NET PROFIT MARGIN
|
Net
Profit Margin |
31.03.2012 |
31.03.2013 |
31.03.2014 |
|
|
(Rs.
In Millions) |
(Rs.
In Millions) |
(Rs.
In Millions) |
|
Sales |
347.123 |
369.004 |
684.197 |
|
Profit |
1.639 |
2.040 |
7.804 |
|
|
0.47% |
0.55% |
1.14% |
LOCAL AGENCY FURTHER INFORMATION
CURRENT MATURITIES
OF LONG TERM DEBTS
|
Particulars |
31.03.2014 (Rs.
In Millions) |
31.03.2013 (Rs.
In Millions) |
31.03.2012 (Rs.
In Millions) |
|
|
|
|
|
|
Current Maturities of Long Term Debts |
4.613 |
7.040 |
7.059 |
|
|
|
|
|
|
Sr. No. |
Check List by Info Agents |
Available in
Report (Yes / No) |
|
1] |
Year of Establishment |
Yes |
|
2] |
Locality of the firm |
Yes |
|
3] |
Constitutions of the firm |
Yes |
|
4] |
Premises details |
Yes |
|
5] |
Type of Business |
Yes |
|
6] |
Line of Business |
Yes |
|
7] |
Promoter's background |
Yes |
|
8] |
No. of employees |
No |
|
9] |
Name of person contacted |
No |
|
10] |
Designation of contact
person |
No |
|
11] |
Turnover of firm for last
three years |
Yes |
|
12] |
Profitability for last
three years |
Yes |
|
13] |
Reasons for variation
<> 20% |
---------------------- |
|
14] |
Estimation for coming
financial year |
No |
|
15] |
Capital in the business |
Yes |
|
16] |
Details of sister
concerns |
Yes |
|
17] |
Major suppliers |
No |
|
18] |
Major customers |
No |
|
19] |
Payments terms |
No |
|
20] |
Export / Import details
(if applicable) |
No |
|
21] |
Market information |
---------------------- |
|
22] |
Litigations that the firm
/ promoter involved in |
---------------------- |
|
23] |
Banking Details |
Yes |
|
24] |
Banking facility details |
Yes |
|
25] |
Conduct of the banking
account |
---------------------- |
|
26] |
Buyer visit details |
---------------------- |
|
27] |
Financials, if provided |
Yes |
|
28] |
Incorporation details, if
applicable |
Yes |
|
29] |
Last accounts filed at
ROC |
Yes |
|
30] |
Major Shareholders, if
available |
Yes |
|
31] |
Date of Birth of Proprietor/Partner/Director,
if available |
Yes |
|
32] |
PAN of
Proprietor/Partner/Director, if available |
No |
|
33] |
Voter ID No of
Proprietor/Partner/Director, if available |
No |
|
34] |
External Agency Rating,
if available |
Yes |
UNSECURED LOAN
(Rs.
In Million)
|
Particulars |
As
on 31.03.2014 |
As
on 31.03.2013 |
|
Long Term
Borrowing |
|
|
|
From Director |
61.066 |
68.659 |
|
Total |
61.066 |
68.659 |
INDEX OF CHARGES
|
S.NO. |
CHARGE ID |
DATE OF CHARGE CREATION/MODIFICATION |
CHARGE AMOUNT SECURED |
CHARGE HOLDER |
ADDRESS |
SERVICE REQUEST NUMBER (SRN) |
|
1 |
10020898 |
21/12/2006 * |
248,300,000.00 |
STATE BANK OF INDIA |
OVERSEAS BRANCH, NAVJIVAN TRUST BUILDING, NAVJIVAN P O, AHMEDABAD - 380009, GUJARAT, INDIA |
A05187638 |
|
2 |
90096193 |
18/02/2013 * |
245,400,000.00 |
STATE BANK OF INDIA |
OVERSEAS BRANCH, 3RD FLOOR, AMRIT JAYANTI BHAVAN, NAVJIVAN TRUST COMPLEX, P.O. NAVJIVAN, AHMEDABAD - 380014, GUJARAT, INDIA |
B70442868 |
* Date of charge modification
OPERATION
The company has during the year registered a net sales turnover of Rs. 684.196 Millions as compared to sales turnover of Rs. 396.004 Millions during the last year. The net profit after tax increased to Rs7.804 Millions as compared to PAT of Rs. 2.040 Millions in the last year. After achieving satisfactory results in its operation during the year, the company has continued its effort on improving the market for its product and popularizing its use. S company already Exports to Germany and Italy, further during the year company has started Export to south Africa and Hopes for better market.
FIXED ASSETS
· Land
· Building
· Plant and Machinery
· Furniture and Fixtures
· Office Equipments
· Vehicles
CMT REPORT (Corruption, Money Laundering & Terrorism]
The Public Notice information has been collected from various sources
including but not limited to: The Courts,
1] INFORMATION ON DESIGNATED
PARTY
No exist designating subject or any of its beneficial owners,
controlling shareholders or senior officers as terrorist or terrorist
organization or whom notice had been received that all financial transactions
involving their assets have been blocked or convicted, found guilty or against
whom a judgement or order had been entered in a proceedings for violating
money-laundering, anti-corruption or bribery or international economic or
anti-terrorism sanction laws or whose assets were seized, blocked, frozen or
ordered forfeited for violation of money laundering or international
anti-terrorism laws.
2] Court Declaration :
No exist to suggest that subject is or was
the subject of any formal or informal allegations, prosecutions or other
official proceeding for making any prohibited payments or other improper
payments to government officials for engaging in prohibited transactions or
with designated parties.
3] Asset Declaration :
No records exist to suggest that the property or assets of the subject
are derived from criminal conduct or a prohibited transaction.
4] Record on Financial
Crime :
Charges or conviction
registered against subject: None
5] Records on Violation of
Anti-Corruption Laws :
Charges or
investigation registered against subject: None
6] Records on Int’l
Anti-Money Laundering Laws/Standards :
Charges or
investigation registered against subject: None
7] Criminal Records
No available
information exist that suggest that subject or any of its principals have been
formally charged or convicted by a competent governmental authority for any
financial crime or under any formal investigation by a competent government
authority for any violation of anti-corruption laws or international anti-money
laundering laws or standard.
8] Affiliation with
Government :
No record
exists to suggest that any director or indirect owners, controlling
shareholders, director, officer or employee of the company is a government
official or a family member or close business associate of a Government
official.
9] Compensation Package :
Our market
survey revealed that the amount of compensation sought by the subject is fair
and reasonable and comparable to compensation paid to others for similar
services.
10] Press Report :
No press reports / filings exists on
the subject.
CORPORATE GOVERNANCE
MIRA INFORM as part of its Due Diligence do provide comments on
Corporate Governance to identify management and governance. These factors often
have been predictive and in some cases have created vulnerabilities to credit
deterioration.
Our Governance Assessment focuses principally on the interactions
between a company’s management, its Board of Directors, Shareholders and other
financial stakeholders.
CONTRAVENTION
Subject is not known to have contravened any existing local laws,
regulations or policies that prohibit, restrict or otherwise affect the terms
and conditions that could be included in the agreement with the subject.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.63.41 |
|
|
1 |
Rs.99.30 |
|
Euro |
1 |
Rs.79.00 |
INFORMATION DETAILS
|
Information
Gathered by : |
GAY |
|
|
|
|
Analysis Done by
: |
SUM |
|
|
|
|
Report Prepared
by : |
KLS |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
5 |
|
FINANCIAL
CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
6 |
|
--PROFITABILITY |
1~10 |
5 |
|
--LIQUIDITY |
1~10 |
5 |
|
--LEVERAGE |
1~10 |
5 |
|
--RESERVES |
1~10 |
5 |
|
--CREDIT LINES |
1~10 |
5 |
|
--MARGINS |
-5~5 |
-- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
YES |
|
--AFFILIATION |
YES/NO |
NO |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
DEFAULTER
|
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
TOTAL |
|
47 |
This score serves as a reference to assess
SC’s credit risk and to set the amount of credit to be extended. It is
calculated from a composite of weighted scores obtained from each of the major
sections of this report. The assessed factors and their relative weights (as
indicated through %) are as follows:
Financial
condition (40%) Ownership
background (20%) Payment
record (10%)
Credit history (10%) Market trend (10%) Operational size
(10%)
RATING EXPLANATIONS
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
>86 |
Aaa |
Possesses an extremely sound financial base with the strongest capability
for timely payment of interest and principal sums |
Unlimited |
|
71-85 |
Aa |
Possesses adequate working capital. No caution needed for credit
transaction. It has above average (strong) capability for payment of interest
and principal sums |
Large |
|
56-70 |
A |
Financial & operational base are regarded healthy. General
unfavourable factors will not cause fatal effect. Satisfactory capability for
payment of interest and principal sums |
Fairly Large |
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
11-25 |
Ca |
Adverse factors are apparent. Repayment of interest and principal sums
in default or expected to be in default upon maturity |
Limited with
full security |
|
<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
|
-- |
NB |
New Business |
-- |
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.